Crude futures settle higher as Saudi oil chief pledges export cuts

25/07/2017

Oil rallied on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed up the rebalancing of global supply and demand. European Brent oil added 0.27 cents to reach USD48.33 per barrel, while West Texas Intermediate inched up 0.21 cents to USD45.98. Brent, the global benchmark, rose 63 cents, or 1.31%, to $48.69 a barrel on ICE Futures Europe. Russian Federation has reduced output by 300,000 barrels a day since October, in line with its agreement to cut production. The North American benchmark WTI is now trading at $45.8 per barrel and Brent at $2.3 per barrel premium to WTI.

Alongside Saudi Arabia and non-Opec Russia, the committee includes Kuwait, Venezuela and Algeria - all Opec members, and Oman, another non-Opec participant.

He said the market had faced pressure in recent weeks due to weaker OPEC compliance with cuts and rising production from Libya and Nigeria, which have been exempt from the reductions.

Libya says it targets OPEC and has removed 350 million barrels of oil a day according to Dow Jones and the Saudi oil minister says he knows the market sentiment is bearish but he is up for the challenge to change that perception.

OPEC sources told Reuters on Saturday that Nigeria could cap output if it managed to sustain production at 1.8 million bpd for 90 days.

Nigeria was ready to cap or even reduce supply if it can maintain output of 1.8-million barrels a day, said the two people, asking not to be identified because the information is confidential.

"The only significant thing about the meeting is that Nigeria has voluntarily agreed that they will not increase their production above 1.8 [million barrels a day] once they have achieved that level", said Naeem Aslam, chief market analyst at ThinkMarkets U.K.

Saudi Arabia's efforts to shore up global oil prices ahead of the planned listing of Saudi Aramco was met with a shrug from the markets as traders kept their eyes on U.S. shale. On Monday in St. Petersburg, OPEC Secretary-General Mohammad Barkindo said OPEC was in agreement to study "other parameters".

Mr. Falih's focus on exports was new.

In June, OPEC members' compliance with their agreed cuts fell to its lowest level since the deal came into effect (although 95 percent is still pretty good).

Marzouq, whose country heads the joint ministerial committee, said attendees would discuss continuing the production cuts.

When I was 19 years old, I got an endoscopy done in Tennessee and I was diagnosed with a Hiatal Hernia. He continued: " Aaron holds a medical license for medical marijuana for his long standing anxiety ".

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Stars employed indirectly through independent production companies would not be caught by the pay ratio, the spokesman said. At the top of the list is radio and TV presenter Chris Evans who earned between £2,200,000 and 2,249,999 in 2016/2017.

Autonomous restrictive measures amount to sanctions separate from those called for by the UN Security Council. The move came as part of the global pressure on Pyongyang to curb its nuclear and missile programs.

She said she did not want to go to Mosul, but that she was "shipped" there and her husband was killed soon afterwards. She is reported to have used her mother's credit card to buy an airline ticket to Istanbul under her mom's name.

He said that if any resident in the area encounters someone from the truck, they should "call 911 right away". A hearse pulled into the parking lot early Sunday morning, according to the San Antonio Express-News.

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